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(1) In this section, “mandatory distribution” means a distribution of income or principal that the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. “Mandatory distribution” does not include a distribution subject to the exercise of the trustee's discretion even if any of the following applies:
(a) The discretion is expressed in the form of a standard of distribution.
(b) The terms of the trust authorizing a distribution couple language of discretion with language of direction.
(2) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date.
Cite this article: FindLaw.com - Wisconsin Statutes Property (Ch. 700 to 710) § 701.0506. Overdue distribution - last updated January 01, 2018 | https://codes.findlaw.com/wi/property-ch-700-to-710/wi-st-701-0506/
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